Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $130,000. This distribution follows the normal distribution with a standard deviation of $39,000.
1. If we select a random sample of 68 households, what is the standard error of the mean?(Round your answer to the nearest whole number.)
2. What is the likelihood of selecting a sample with a mean of at least $135,000?(Round yourz value to 2 decimal places and final answer to 4 decimal places.)
3. What is the likelihood of selecting a sample with a mean of more than $121,000?(Round yourz value to 2 decimal places and final answer to 4 decimal places.)
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